Plan Snapshot
- Plan Sponsor: Citizens And Farmers Bank
- Sponsor EIN: 540169510
- Sponsor Address: P.O. BOX 391, WEST POINT, VA, 23181
- Plan Type: 401(k)
- Plan Number: 002
- Total Participants: 527
- Total Assets: $68.5M
Key Plan Design Features
- Auto-Enrollment: Yes
- Auto-Escalation: No
- Allows Roth Contributions: Yes
- Participant Loans: No
- Participant-Directed Investments: Yes
- ERISA Section 404(c) Fiduciary Safe Harbor: Yes
Plan Financials by Year
| Year | Participants | Total Assets | Employer Contrib. | Employee Contrib. |
|---|---|---|---|---|
| 2025 | 527 | $68.5M | $0 | $0 |
| 2024 | 410 | $60.5M | $1.4M | $2.4M |
| 2023 | 444 | $53.7M | $1.3M | $2.1M |
| 2022 | 357 | $40.9M | $1.1M | $1.8M |
Service Providers (Schedule C)
Vendors paid $5,000 or more for services to the plan, ranked by total compensation (direct + indirect fees).
| Provider Name | Role | Direct Compensation | Indirect Compensation | Total Fees |
|---|---|---|---|---|
| VOYA RETIREMENT INSURANCE & ANNUITY | Other Service Provider | $223,792 | — | $223,792 |
| VBA BENEFITS CORPORATION | Other Service Provider | $147,030 | — | $147,030 |
Plan Fees & Expenses
Annual service provider fees and administrative expenses sourced from DOL Form 5500 filings.
- Total Service Provider Fees: $370,822
- Estimated Expense Ratio: 0.541% of plan assets
Historical Administrative Expenses
Breakdown of administrative expense categories reported on Form 5500 filings.
| Year | Total Admin Expenses | Investment Mgmt Fees | Contract Admin Fees | IQPA Audit Fees | Professional Fees |
|---|---|---|---|---|---|
| 2025 | $4,960,950 | $147,852 | $222,395 | — | — |
| 2024 | $338,253 | $134,678 | $202,975 | — | — |
| 2023 | $265,537 | $109,560 | $155,377 | — | — |
| 2022 | $244,650 | — | — | — | — |